Outokumpu, a leading stainless steel manufacturer in Europe based in Finland, acquired a 10% stake in Cronimet North-East GmbH, a Germany-based stainless steel and alloys recycling company, with a joint target to optimize the raw material cycle.

Outokumpu said that they have the same goals in regional development, which are to accelerate the circular development of the market economy in Northeast Europe, focus on sustainable development, and commit to reducing CO2 emissions during transportation and stainless steel production.

The value of the deal wasn’t disclosed. The acquisition is subject to customary closing conditions and regulatory approvals from competition authorities.